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Ethereum Forecast: Ether Price at Crucial Juncture

Aayush

Jindal

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Ether moved down sharply toward $1,000.00 against the US dollar. ETH/USD must hold $1,000.00 to avoid further declines in the near term.

Key Highlights

Ether declined heavily and moved below the $1,200.00 support against the US dollar.

There was a break below a major bullish trendline with support at $1,220.00 on the 4-hour chart of ETH/USD.

ETH/BTC remained above the 0.0900BTC support since there were also declines in bitcoin price.

Technically, the 4-hour chart indicators turned lower sharply and moved into the bearish territory.

Can Ether Price Hold $1,000?

Yesterday, we saw an increase in bearish pressure on ETH/USD from the $1,380.00 swing high. The pair declined sharply during the past three sessions and failed to stay above the $1,200.00 support.

There were declines in bitcoin price versus the US dollar as well, which helped ETH/BTC in staying above the 0.0900BTC support level.

Looking at the 4-hour chart of ETH/USD, there was a double top pattern formed around $1,400.00, which resulted in a downside push. The current move is strong, as there was a break below a major bullish trendline with support at $1,220.00.

The pair traded toward the $1,000.00 level and formed a low at $988.83. It seems like Ether’s price is currently holding the $1,000.00 support, but bearish pressure is not over yet.

Moving down to the 30-minute chart of ETH/USD, there was a recovery from the $988.83 low. However, the $1,150.00 level acted as a resistance. To the topside, there is a bearish trendline with resistance at $1,140.00. Above $1,140.00, there is a crucial horizontal resistance at $1,200.00.

Recoveries from the current levels are likely to face many hurdles between $1,140.00 and $1,200.00. A successful close above $1,200.00 will most likely reduce bearish pressure and could place the price back in bullish zone.

4-hour MACD

4-Hour RSI

The RSI is now well below the 50 level.

Important Support Levels

$1,000.00 and $950.00

Important Resistance Levels

$1,140.00 and $1,200.00

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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